Links Aug 11
Aug 11 - "Many of the West’s big banks have in recent weeks reported they will be making large job cuts, with wealth management being, in many cases, a light in the tunnel. And new research from Strategic Insight, titled All Eyes on Asia and Latin America for Strategic Growth, shows that net cash flows mainly came from Asia and Latin America, particularly from Brazil." See also our blogs Tax Justice goes Brazilian and Brazil: two major tax justice events .
India: Govt to set up tax offices in US, France, 6 other nations The Economic Times
Aug 5 - On the Indian governement's "five-pronged strategy to fight the menace of tax evasion that include joining hands with international bodies like G-20 and United Nations, besides forming appropriate legislation, setting up domestic institutions, and manpower training."
Reports: Bahamas Government Failed to Co-operate with Investigation into Bank Scandal The Tribune
Aug 8 - "The Bahamas government has failed to co-operate with an investigation into the whereabouts of hundreds of millions of dollars linked to one of the biggest bank scandals in history, according to foreign news reports. The collapse of Banco Ambrosiano in the early 1980s is a tale of murder, Mafia plots, international money laundering schemes and clandestine Masonic sects."
UK: These riots reflect a society run on greed and looting Guardian
Aug 11 - The piece observes that the shocking UK rioting, that began in London, "erupted across what is now by some measures the most unequal city in the developed world, where the wealth of the richest 10% has risen to 273 times that of the poorest." See also - and do read through to the end of this short post - David Cameron takes on the tax evaders Treasure Islands.
It’s semi-official: the banks have literally been looting Treasure Islands
Aug 10 - Nick Shaxson observes: "While London burns amid riots and looting, I thought I’d add this. The analysis about banks looting is so pervasive and so undeniably correct that it’s almost official now: the latest global economic crisis has involved the biggest, most wholesale looting and unpunished fraud in financial history." Read the quotes from respected voices.
Global finance has dysfunction at its heart Guardian
Aug 8 - "Sound fiscal policy alone won't solve this debt crisis. We need structural reform of the entire financial system ... Nothing has been done to regulate tax havens, which not only deprives governments of tax revenues but also make financial regulations more difficult."
Can We Get Back in the AAA Club? Fox Business
Aug 9 - They really don't get it - on the downgrading of the US credit rating: "Look, so we fall out of the triple AAA debt club -- it's full of tax havens anyway -- Bermuda, Isle of Man, good credits but not economies that influence the entire world." We suggest they read Treasure Islands.